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Not for publication BOARD OP GOVERNORS OF THE FEDrlRAL RESERVE SYSTEM ^ ^^ "February 19 65 DECONTROLLED AFTER SIX AUTolLOANS BY COMMERCIAL BANKS 1964 Dec. 1 \ Nov. Three months ending December 1964 I 1963 NEW CAR CONTRACTS Per cent of contracts written for: Under 36 months 36 months Over 36 months Contracts written for 36 months: Most frequent loan/value ratio l/ Per cent of contracts with ratios above 94 per cent 40.4 59*0 .6 40.5 59• 3 .2 40.0 59-6 .4 44.7 55»0 .3 94 94 94 93 34.4 37«2 36.4 34.4 USED CAR CONTRACTS Per cent Under 19-24 25-36 of contracts written for: 19 months months months Contracts written for 24 months or less: Most frequent loan/value ratio l/ Per cent of contracts with ratios above 94 per cent 35.7 38.1 35.7 38.1 34.9 38.9 37.0 37.2 26.2 26.2 26.2 25.8 94 92 94 94 36.3 33.9 36.3 35-6 1/ Computed mode of ratios, based on dealer-cost values for new cars and wholesale prices for used cars as 100 per cent. A loan of 90-95 per cent of dealer cost generally amounts to around. 70-80 per cent of list price. Not for publication L.4.2 -2- DEALER AUTO LOANS BY COMMERCIAL BANKS (PURCHASED PAPER) 1964 Dec. 1 Nov. Three months ending December 1964 1 1965 NEW CAR CONTRACTS Per cent of contracts written for: Under 36 months 36 months Over 36 months 22.9 75-7 1.4 21.2 78.0 .8 21.6 77.5 .9 23.2 76.1 .7 94 95 95 95 47.3 48.2 4?.5 45.8 Contracts written for 36 months: Most frequent loan/value ratio l/ Per cent of contracts with ratios above 94 per cent U33D CAR CONTRACTS Per cent of contracts written for: Under 19 months 19-24 months 25-36 months 21.4 32.6 46.0 21.2 34.0 44.8 21.6 33-3 45.1 22.7 35-0 42.3 95 51.7 95 95 95 5^»^ 52.5 52.8 Contracts written for 24 months or less: Most frequent loan/value ratio l/ Per cent of contracts with ratios above 95 per cent 1/ Computed mode of ratios, based on dealer-cost values for new cars and wholesale prices for used cars as 100 per cent. A loan of 90-95 per cent of dealer cost generally amounts to around 70-80 per cent of list price. Not for publication L.4.2 AUTOMOBILE INSTALMENT LOANS AT C O M M E R G M MATURITIES BANKS D2C3SER 1964 AND NOVEMBER 1964 (Percentage distribution of contracts) Maturities Total Dec. Nov. 23.6 5.3 69.9 21.8 5.2 72.4 0.6 100.0 100.0 14.4 12.0 34.5 39.1 100.0 Purchased paper [ Nov.f I Dec | Direct loans Dec. 1 Nov. New cars 24 months or less 25--30 months 51-36 months Over 36 months Total 18.5 4.4 75-7 16.9 4.3 78.0 0.8 33.4 7-0 59.0 0.6 33.3 7.2 59.3 0.2 100.$)0 100.0 100.0 100.0 13.9 12.1 35.3 38.7 10.8 10.6 32.6 46.0 10.2 11.0 34.0 44.8 21.2 14.5 38.1 26.2 21.4 14.3 38.1 26.2 100.0 100.0 100.0 100.0 100.0 Used cars 1/ 12 months or less 13-18 months 19-24 months Over 24 months Total l/ Figures are predominetibely for late model used cars but include data from a few banks for all used cars. NOTE: Distributions are based on tabulations of data from 115 banks for December and November and are not intended to be estimates for all commercial banks. In November, reports covered about 40,000 contracts on new cars, 26,000 purchased and 14,000 direct and 25,000 contracts on used oars, 16,000 purchased and 9>000 direct. Data are not comparable with previous releases since composition of the group of banks changes from month to month. For distribution according to maturities and contract balances as a percentage of dealer cost see following pages. 3%T Not for publication -4- L.4.2 DEALER COST RATIOS AMD MATURITIES ON AUTOMOBILE INSTALMENT LOANS DECEMBER 1964 AND NOVEMBER 1964 NEW CARS (Percentage distribution of contracts) Contract balance as percentage of dealer cost 1/ Maturities 24 months 31-36 25-30 or less months months Deo. 1 Nov. Dee. iNov. Dec. 1 Nov, Over 36 months Dec. | Nov Total Dec. 1 Nov. PURCHASED PAPER 80$ or less 81$ to 90$ 91 $ to 100$ 101$ to 110$ Over 110$ Total 1.6 0.6 ft 9.1 2.3 3.3 1.5 0.3 1.5 0.8 1.1 0.4 0.2 1.5 0.9 0.9 0.6 0,2 18.3 16.5 4.0 4.1 ' 9.4 13.6 16.1 27.6 13.4 6.6 14.7 15.6 26.5 15.4 6.8 0.1 0.1 0.2 0.1 24.7 19.2 0.2 m7.4 25.4 18,8 31.0 17.5 7.3 77.3 79.0 0.4 0.3 100.0 100.0 0.4 0.1 0.1 0.2 40.3 20.7 27.4 8.8 2.8 39.1 19.6 29.3 7.3 0.3 100.0 100.0 DIRECT LOANS 80$ or less 81$ to 90$ 91$ to 100$ 101$ to 110$ Over 110$ Total 1.6 a 19.1 6.0 6.5 1.2 2.7 2.7 2.0 2.0 2.2 2.5 0.6 0.3 2i3 M 19.0 12.1 18.8 6.5 2.4 17.2 11.5 20.2 5.8 - M 32.9 33.3 7.7 7.7 58.8 58.6 11.6 3-4 4.9 1.6 11.3 3.1 4.0 1.5 - M 1.8 1.1 1.4 0.5 1.8 1.1 1.2 0.5 2il 15.0 15.0 25.4 11.6 15.5 14.8 25.5 13.6 Jll 0.2 ! 0.1 0.1 . 0.1 0.2 0.3 28.6 19.6 31.8 13.7 28.6 19.1 30.9 15.6 6.8 22.0 20.2 4.9 4.9 72.7 75.5 0.4 0.4 100.0 100.0 18.2 0.1 0.6 TOTAL 80$ or less 81$ to 90d 91$ to 100$ 101$ to 110$ Over 110$ Total 1/ Contract balance does not include finance and insurance charges * Less than one-tenth of one per cent. NOTE: Distributions are based on tabulations of data from 61 banks for December and Noveg&er and are not intended to be estimates for all commercial banks. In December ireports covered about 19>000 contracts on new cars, 14,000 purchased and 5,000'direct. Data are not comparable with previous releases since composition of the group of banks changes from month to month. may not add to totals Digitized forDetails FRASER because of rounding. i . j • j ? 3lb Not for publication L.4.2 -5- DEALER COST RATIOS AND MATURITIES ON AUTOMOBILE IN3TALI13NT LOANS (continued) DECEMBER 1964 AND NOVEMBER 1964 USED CARS (Percentage distribution of contracts) Contract balance as percentage of wholesale value l/2/ 12 months or less Dec. INov. Maturities ;over 24~ 13-18 19-24 Total months months months I Dec.| Nov. Dec. INov. I Dec. Nov. Ipec. INov. PURCHASED PAPER 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 2.2 1.5 2.7 1.8 3.9 1.3 2.1 1.1 1.9 3.0 1.3 1.9 1.4 1.8 2.3 1.6 2.2 1.4 2.7 10.2 9.4 10.2 12.9 2.1 4.0 1.9 1.8 14.3 2.6 2.9 2.0 1.8 6.6 2.1 3.9 2.0 2.4 6.9 12.6 2.8 7-2 2.7 10.8 2.1 4.6 5.1 M 12.0 8.1 9.0 4.4 5.7 Total 22.7 23.6 17.1 16.5 40.3 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% 6.6 1.6 2.6 1.3 6.1 1.7 2.2 1.6 Total 5.0 5.6 9.4 5.2 4.9 5.8 10,4 6.2 _2il 4.7 7.3 12.9 8.2 11.8 4.7 6.7 12.0 8.0 11.2 11.1 34.81 37-0 44.9 42.5 4.6 4.3 4.9 2.7 4.1 39.3 5.2 3.9 5.6 2.5 -iil 19.9 20.6 3.5 7.3 1.8 6.1 2.7 9.9 1.9 5.0 2.6 8.2 6.9 6.4 10.0 5.7 8.6 4.9 6.3 10.7 6.5 9.0 4.6 6.0 10.0 6.6 9.3 22.4 15.7 25.9 14.4 21.6 12.6 36.5 37.6 37.3 36.5 100.0 15.9 15.9 26.5 15.8 25.9 14.8 15.2 27.1 17.4 100.0 100.0 DIRECT LOANS 80% or less 81% to 90% 91% to 100% 101% to 110% Over 110% Total - M 14.0 13.3 3.6 1.8,1 2.7 1.6 2.6 12.3 37.3 15.3 24.3 11.1 12.0 NOTE: Distributions are based on tabulation of data from 59 banks for December and November and are not intended to be estimates for all commercial hanks. December reports covered about 11,000 contracts on used cars, 8,000 purcnasea anaT 3*000 direct. Data are not comparable with previous releases since composition of the group of banks changes from month to month. because of rounding. 13.7 100.0 100.0 2/ Wholesale value represents "average wholesale," "as is," or "buying value" as indicated by used car guides. Digitized forDetails FRASER may not add to totals 37.7 17.8 19.5 11.3 21.1 15-9 24.9 15.8 22.3 ?-• I b f
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